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Commodities are basic goods, but they're products that are essentially the same from all suppliers and are, therefore, sold on price rather than any unique quality of the good.
I use wheat as an example of a commodity. All the wheat of a particular type, like hard red winter wheat, is the same. You choose to buy it from Grain Dealer A rather than Grain Dealer B because Grain Dealer A has more in stock so you can be more sure of getting any, has an elevator a quarter-mile from your bakery, or has more trucks so you can put in an order and get it quickly.
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∙ 12y ago
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What is the difference between a commodity and a good?
Commodity is what is used to produce a Goods.Goods gets to the end user. Example; Flour (commodity) and Bread (Goods).
What is the basic determinant of price of a commodity?
its demand , supply
What kind of market sells raw and unprocessed goods?
Commodity market - APEX :)
Where can you go to learn about commodity codes?
Actually commodity codes are used in several different areas, for example in the business of import or export of goods or when dealing with government institutions. So depending on the business one deals with information regarding the commodity codes can be found for example at the website of the State of New Jersey or Washington District of Columbia.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
What is the difference between a commodity and a good?
Commodity is what is used to produce a Goods.Goods gets to the end user. Example; Flour (commodity) and Bread (Goods).
What kinds of goods are sold in the commodity market?
unprocessed
What is the synonym for the word goods?
Some synonyms for the noun goods are product, merchandise, commodity, asset.
What is the basic determinant of price of a commodity?
its demand , supply
How are goods and services defined?
goods and services are define as the commodity that are sale for exchange of money to make life easy.
What is the term for something bought or sold?
Something bought or sold is a commodity. A commodity can be a service or goods (a product). There may be other terms in business that I'm not aware of, but commodity is the first that comes to my mind.
What is the largest export from Mexico?
Manufactured goods. As a single commodity, that would be oil.
What kind of market sells raw and unprocessed goods?
Commodity market - APEX :)
What are the essentials to a commodity trading system?
The essentials to a commodity trading system are being aware of the different commodities available, knowing risks for each option, and a good brokerage firm to trade through. If you want to trade those are the basic essentials.
What are the main purposes of commodity markets?
The main purpose of a commodity market is to provide a platform for the buying and selling of goods. These transactions can be both physical and virtual
Where can you go to learn about commodity codes?
Actually commodity codes are used in several different areas, for example in the business of import or export of goods or when dealing with government institutions. So depending on the business one deals with information regarding the commodity codes can be found for example at the website of the State of New Jersey or Washington District of Columbia.
How does price help to connect the availability of goods to the demand for goods?
The price of a given commodity will determine both the demand and the availability of goods. If the price is reduced the demand of the goods will increase and the availability of the goods will reduce.
